The downgrade is based on the new price targets for Time Warner Cable (NYSE: TWC) and Sirius (NASDAQ: SIRI). Time Warner price target was raised from $129 to $153 while Sirius price target moved down to $4.15 from $5.

Citigroup noted, “Previously, we used our $5 price target on Sirius and $152 price target on Charter to arrive at our $190 price target on Liberty Media. With this transaction, Sirius is unlikely to approach $5. As such, we are lowering our price target on Liberty Media to $160 and downgrading to Neutral.”

Liberty Media closed Friday at $145.33 and is currently trading down 2.86% at $141.44.